Robinhood doubles crypto trading volume and revenue in Q3 as it turns profitable

Robinhood saw an increase in cryptocurrency trading volume and revenue in the third quarter, and successfully turned a profit. In its financial results announcement, Robinhood announced that its cryptocurrency trading volume and revenue for the third quarter were
It was revealed that sales increased by 112% and 165% from the previous year, reaching $14.4 billion (approximately 2 trillion yen) and $61 million (approximately 9.2767 billion yen).
However, third-quarter net income of $150 million and sales of $637 million were lower than the company's
Robinhood (HOOD) shares fell 12.4% in after-hours trading after the results fell short of market expectations.
According to Finance, net income per share of $0.17 fell short of the Zacks estimate of $0.18, and sales were also down by $0.
That was 3.6% below ACKS's forecast of $661.2 million. Despite missing industry expectations, CFO Jason Werner
Jason Warnick expressed satisfaction with Robinhood's performance this year. "Looking back at this year's earnings, the last three quarters were the best in the company's history," Warnick said.
"We are pleased with the quarter that we had," he said. Compared to the third quarter of 2023, Robinhood's crypto trading volume increased 112%, but fell 360% in the first quarter of 2024.
$5.4 trillion in Q2, down sharply from $21 billion in Q2. Cryptocurrency revenues also fell from $81 million in the previous quarter.
Robinhood's custody grew 76% year over year to $152.2 billion, thanks to rising crypto valuations, and the company saw its crypto assets increase by 19%.
It said its revenues had increased to $500 million in the fourth quarter of 2023, up 32.3% from $14.7 billion in the fourth quarter of 2023.